Aug. 19, 2013
Canadian firm Sirona Biochem announced the signing of a letter of intent with Wanbang Pharma. Sirona Biochem will provide an exclusive license to Wanbang Pharma to develop and commercialize Sirona’s SGLT2 Inhibitor in China. In exchange for this license, Sirona Biochem will receive upfront and milestone payments of up to US$9.5M upon successful achievement of development and regulatory milestones and then royalty payments for product sales in China. Under the terms of the LOI, Wanbang Pharma will assume responsibility for funding and leading all clinical studies required for CFDA approval. Sirona Biochem will be provided all clinical study results to support new regulatory applications outside of China.